facc // capital markets day€¦ · source: airbus gmf 2018-2037 growing aerospace market oems...
TRANSCRIPT
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FACC // CAPITAL MARKETS DAYDAY 2 – November 23, 2018
Presentations
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FACC // CAPITAL MARKETS DAYAftermarket Services
Christian Mundigler
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06.12.2018corporate presentation3
From the product idea to custom-tailored solutions
TIER-1 PARTNER WITH A WIDE RANGE OF SERVICES
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A NEWBUSINESSSEGMENT
Genuine one-stop shop
Expertise as an OEM
Aircraft part-specific know-how
High-performance infrastructure in America, Asia and Europe
Fast and cost-efficient service
AFTERMARKET SERVICESREPAIR I REFURBISH I REPLACE
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21 450
10 600
10 850
37 390
26 540
-
10 000
20 000
30 000
40 000
50 000
Beginning 2018 2037 New Deliveries
Number of aircrafts (>100 seats)
Replacement
Growth
Stay
20-year newdeliveries
Source: Airbus GMF 2018-2037
GROWING AEROSPACE MARKET
OEMs confirmed long-term outlook until 2037
Demand for more than 37,400 aircraft (new and replacements)
Transition from metal to composite components
Lightweight components increase the efficiency of modern aircraft
New airline interior strategy
Change or upgrade of the aircraft interior 2 to 3 times per aircraft lifetime
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MRO – A MARKET WITH HIGH POTENTIAL FACC Aftermarket Services
Significant fleet growth with a demand for 37,400 new aircraft until 2037
Steadily increasing share of composite material on modern aircraft
High demand for cost-efficient repair designs, cabin upgrades, refurbishments and conversions
MRO market to grow by 4.6% p.a. and to reach some USD 118 bn by 2027
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Overhaul
Repair
Replace(Spares)
Refurbish(STC-Projects)
Maintenance
OEMs
AirlinesMRO
Stations
Distributors & Traders
FACC
SERVICES AT A GLANCERepair / Refurbish / Replace
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Russia & GUS
Fleet Growth: 2.4%
MRO growth: 2.0%
Europe
Fleet Growth: 2.8%
MRO Growth: 3.0%
South America
Fleet Growth: 3.1%
MRO Growth: 4.7%
North America
Fleet Growth: 1.5%
MRO Growth: 1.8%
Africa
Fleet Growth: 1.2%
MRO Growth: 3.0%
Middle East
Fleet Growth: 4.7%
MRO Growth: 4.3%
Asia
Fleet Growth: 6.6%
MRO Growth: 4.0%
MRO China: 10,6%
MRO India: 5,6%Established MRO SitesPossible MRO Sites
WORLD MARKET OUTLOOK
Source: Oliver Wyman; 2018
Market Forecast predict an above average growth for global MRO business
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SUPPORT FOR ALL DIVISIONSAerostructures, Cabin Interiors, Engines & Nacelles
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A TRUE ONE-STOP SHOP
FACC is an original component manufacturer with 30 years of aerospace experience holding EASA, FAA and TCCA approvals.
Benefit from
Original componentmanufacturer
Exceptional turn times
Favourable pricing
Benefit from
Comprehensive engineeringknow-how
Innovative design solutions
Simply certified
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FY 20/21FY 18/19 FY 19/20
FACC OEM productrepair AERO
FY 21/22 FY 22/23
> USD 10 mill.
TARGETUSD 100 mill.
Wichita EASA 145 Ried CAAC 145 Montreal 145 Shanghai 145 Abu Dhabi 145
FACC OEM productrepair AERO
Plus INTERIOR retrofit
Plus MOD support
FACC OEM productrepair AERO
Plus INTERIOR retrofit
Plus MOD support
Plus NACELLES
FACC OEM productrepair AERO
Plus INTERIOR retrofit
Plus MOD support
Plus NACELLES
PLUS non-FACC parts
PRODUCT & SERVICE ROAD MAPDynamic growth expected
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BUILDING ON THE COMPETENCE OF AN OEM
Deep and skilled resources in composite manufacturing and repair
Access to tooling assures the original contours are maintained for flight-critical surfaces
Comprehensive know-how in NDT services: thermography, ultrasonic, X-ray, etc.
SPECIFIC INTERIOR OFFERS
Design, manufacturing and finishing of business jet interior products
Assembly and integration of all cabin systems
Extensive cabin finishing and repair capabilities
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CAPABILITIESDesign organisation approvals
RefurbishmentSurfaces (paint, leather, decor), mechanism, cushions
Retrofit & Cabin UpgradePassenger luggage space upgrade, business jet cabin layout changes
Repair DesignAerostructures, Interiors components, Engines & Nacelles
ModificationAerodynamic surfaces, structures, cabin interiors, luggage compartments, P2F conversions
Minor AFM Changes
Minor OSD ChangesFlight crew data and master minimum equipment list
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REPAIR & MODIFICATION CAPABILITIESOptimized composite repair solutions
Scope & Capabilities
One-stop repair shop
Full MRO service
Full modification and repair solutions (incl. approved design)
Expertise
Winglet & sharklet commercial & business jets
B737 “blended winglet“ to “split scimitar winglet“ modifications
B737/ 757 winglet heavy repairs
Wing control surfaces
Flap track fairings
Engines & Nacelles components
Interiors
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TESTING CAPABILITIESDesign organisation approvals
FACC Design Service provides an experienced team of engineers with specialized knowledge in:
Design engineering
Stress
Fatigue analysis
Flammability
Full-scale testing
Material qualification and certification
of lightweight composite aircraft components and associated systems.
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APPROVALS AS AN ENTRY POINTMaintenance & Design Organisation
FACC part 145 maintenance approvals
FACC Operations GmbH, AT:
EASA AT.145.040
TCCA 813-40
FAA 6FOY865C
CAAC in processScope: C5, C6, C7, C8, C20 and D1 for non-destructive testing
FACC Solutions, Inc., US:
FAA FSOR210X
EASA.145.6792Scope / rating: Limited airframe (see capability list)
FACC Part 21J Design Organisationapproval
FACC Operations GmbH, AT:
EASA.21J.276
Privilege to design repairs and modifications
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FACC AFTERMARKET SERVICESCustomer approvals
FSI Wichita, US• AeroMexico
• Alaska Airlines
• Aviation Partners Boeing
• Boeing
• Bombardier
• Delta Airlines
• Embraer
• OrenAir
• Quantas
• Ryan Air
• SAS Group
• Sun Express
• TUI Group
• Turkish Airlines
FACC Ried, AT• Airbus
• Aviation Partners Boeing
• Bombardier
• Embraer
• FlyDubai
• GOL
• JetAviation
• GOL
• Southwest Airlines
• Spirit
• SunCountry
• SunWing
• United Airlines
• WestJet
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AUSTRIAN AIRLINES // LAUNCH CUSTOMEROfficial launch customer for new “Passenger Luggage Space Upgrade“
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ADVANTAGESPassenger Luggage Space Upgrade
Fast and easy retrofit overnight
Allows 5 instead of 3 roller bags per 4 frame overhead luggage bin
More space for luggage means faster boarding time
Modern appearance of main cabin due to new doors and latches
Bin decor and colour, different latches and colours at your choice
Robust hinges with quick release system for easy removal of doors prior to ceiling removal
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THE FUTURE REQUIRES
P E R F O R M A N C E WE GUARANTEE IT
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06.12.2018
FACC // CAPITAL MARKETS DAYNEW TECHNOLOGIES AND MATERIALS IN AEROSPACE
Rene Adam
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OUR RESEARCH MISSION
INNOVATION IS OUR DESTINATION
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STRATEGIC TOPICS AT FACC
Technology targets
One step ahead in technology development
Get ready for next generation technology and efficiency requirements
New patents to secure future FACC USP
New processes available and mature for 2022+ applications
TechnologyPrepared for the next
generation of material and process requirements
EfficiencyAutomation, Process
Stability, Digitalization
GlobalizationEnhance FACC global
footprint with partnerships
Organic GrowthIncrease market share
with established technology
Non-organic growth
Increase revenues from M&A at strategic
markets
New market EntryEnter other business
and generate additional revenues
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Performance
Rate
capability
Maturity
Efficiency
Reduced
cost
FOCUS ON CUSTOMER REQUIREMENTSNext-generation aircraft technology
Efficiency improvement & electrical systems
Bionic surfaces, electrical engines
Rate capability & automation
Design for automation, digitalisation
Life cycle monitoring
Cost reduction from new technologies
Materials: Thermoplastics, SMC
Processes: Oven, presses, 3D printing
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STRONGER TOGETHERResearch partnerships
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NEXT-GENERATION AIRPLANE TECHNOLOGY FACC innovation projects
New materials & processes
Pilot factory for thermoplastic part production
Fast curing composite materials
Natural based material systems for interior part production
Part performance & aerodynamics
Bionic & morphing part geometries
Life cycle health monitoring
Automation & digitalization
Thermographic inspection methods replacing NDI
Self-learning robotic systems
Artificial intelligence engineering toolsImage credits: FACC
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UPCOMING TRENDS
Urban mobility
E-mobility
Connectivity
Performance, safety, cost
USD 32 bn business in 2030+
Bolt-on mobility to state-of-the-art transportation
Image credits: Airbus, Ital Design, Audi
Image credits: EHang
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#1GLOBAL
MARKET FORECAST
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GLOBAL MARKET FORECAST – 2018 UPDATEAirplane demand increased from 34,900 to 37,400
Image credits: AIRBUS
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#2100 AIRCRAFT / MONTH*SINGLE AISLE
Image credits: airliners.net* A320 was designed for 14 aircraft / month
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FAST CURING
SUSTAINABILITY
LOW COST
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Thermoset ThermoplasticMetal
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VS.
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OUT OF AUTOCLAVE
Image credits: BMW GroupImage credits: FACC
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Additive Manufacturing
Image credits: Trumpf
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LIT FACTORY WITH FACC PARTNERSHIPFacility for I 4.0 and thermoplastic composites with turn key capability
Image credits: JKU Linz
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LIT FACTORY (START 2019)
Future facility for I 4.0 and thermoplastic composites
Image credits: JKU Linz
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ENDOWED PROFESSORSHIPFuture facility for I 4.0 and Digitalization TU Vienna
Image credits: TU Wien / Schlund, Rupprecht, Mayrhofer
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DIGITAL TWINConsistent process chain from first scratch up to final assembly
Conceptual Design CAD Design Ply definition and manufacturing engineering Part layup based on virtual
data basis
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ENVIRONMENTAL VS. MANUFACTURING DATAFind correlations between environmental data and part manufacturing conditions
Temperature, Humidity, climate conditions …
…. Impacting part quality
Find correlations
using Big / Smart Data
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#3PRODUCT DEVELOPMENT
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Quelle: https://www.wjw.de/produktion/laserschmelzen.html
VS.
INTEGRATION
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CURRENT DESIGN FOR MILLING DESIGN FOR ADDITIVE MANUFACTURING
Image credits: FACC
WEIGHT REDUCTION
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MORPHING SURFACES / WATEWinglet with active trailing edge
State-of-the-art winglet
Improves aircrafts’ aerodynamic efficiency (reduce induced drag)
Winglet with active trailing edge (WATE)
Reduces induced drag (as state-of-the-art winglet)
Simultaneously reduces loads of outer wing structure at critical flight points
Load reduction leads to lightweight composite parts
Allows optimum aerodynamic flight shape under different flight conditions
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BIONICDESIGN
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GREENMATERIALS
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STRUCTURAL STRENGTH MONITORING
Baseline: Human nervous system
The brain detects intensity and location of a pain and estimates the necessity of a medical investigation
Monitoring of structure condition
The system monitors the structure and detects structural damages
Structural strength control
The system rates the remaining capacity and suggests maintenance procedures
Image credits: Airbus
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#4THE CHALLENGE
Image credits: David Paul Morris/Getty Images
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THETHIRD DIMENSIONURBAN AIR MOBILITY
Image credits: Airbus, Ital Design, Audi
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URBAN AIR MOBILITY
Positive and enthusiastic customer feedback generates strong emotional pull for UAM
Possible use cases
Airport-city transportation, urban taxi or commute traffic
Challenges
Innovation is faster than regulatory / government
High level of safety needed / public acceptance
Noise generation and technology (e.g. energy density of battery)
Transportation cost
Image credits: Airbus, Ital Design, Audi
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Material and process development (e.g. PUR resin systems, fast curing resin systems, CF-SMC, green materials)
Additive manufacturing (metal and plastics, topology optimization, DFM …)
Integral-monolithic composite structures (e.g. empennage, wingbox cover …)
Automation and digitalization (e.g. cyber physical systems, IoT, I4.0 …)
Technology and knowledge management
SUMMARYTechnology roadmap
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UPCOMING CHALLENGES
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PEOPLE-CENTERED PRODUCT DESIGN
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“WE DESIGN THE FUTURE OF MOBILITY WITH THE MATERIALS
OF TOMORROW.“
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FACC // CAPITAL MARKETS DAYFinancials & Financing
Ales Starek – CFO
Florian Heindl - Treasury
06.12.2018
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HIGH FOCUS ON FINANCIAL EXCELLENCE
Constant growth in revenues since 2014 with a CAGR of almost 10%
Substantial deleveraging of the balance sheet to a range of 2 to 2.5
Significant improvement in Free Cash Flow to EUR 28 mill.
Sustainable improvement in operating result.
SIGNIFICANT IMPROVEMENT OF KEY FINANCIAL INDICATORS
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-4,5
-58,8
25,0
15,252-55
48,6
FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 E
CONTINUOUS STRONG PERFORMANCE
in EUR mln
528,9580,2
705,7750,7 760-770
FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 E
Significant growth of 10% and operational turnaround since IPO
1)
1) Due to a correction according to IAS 8, previous year’s figures have been restated retrospectively (see Note 3 of the Annual Report 2017/18)2) The one-time effects in the amount of EUR 15.2 million were largely due to the conclusion of customer negotiations. As a consequence of the amendments to IAS 8, the relevant receivables were
value-adjusted or provisions were established in previous periods.
1)
2)
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25,0
8,4
51,2
38,1
FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18
273,3 269,2
331,0 334,4
FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18
AEROSTRUCTURES
WINGCOMPONENTS
FAIRINGS
CONTROL SURFACESREVENUES
in mln. EUR
EBIT
1) Due to a correction according to IAS 8, previous year’s figures have been restated retrospectively (see Note 3 of the Annual Report 2017/18)
1)
1)
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-22,6-29,1
-13,8
16,9
FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18
93,8113,8
142,0161,9
FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18
ENGINES & NACELLES
ENGINE COMPONENTS
NACELLE COMPONENTS
1) Due to an error correction according to IAS 8, previous year’s figures have been restated retrospectively (see Note 3 of the Annual Report 2017/18)
REVENUES
in mln. EUR
EBIT
1)
1)
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-7,0-38,1
-12,4
8,8
FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18
161,7197,2
232,8254,3
FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18
CABIN INTERIORS
FLOOR-TO-FLOOR
CABIN PANEL
1) Due to a correction according to IAS 8, previous year’s figures have been restated retrospectively (see Note 3 of the Annual Report 2017/18)
REVENUES
in mln. EUR
EBIT
1)
1)
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STRONG IMPROVEMENT IN FCF IN 2017/18Strong improvement of Free Cash Flow due to EBITDA and Working Capital improvement as well as investment controlin EUR mln
55,8
-14,3
-35,7
-34,4
EBITDA FY2016/17
Changes inWC
Investments FCF FY2016/17
96,7
28,0
-33,6
-35,1
EBITDA FY2017/18
Changes inWC
Investments FCF 2017/18
7,8
-41,6
1,5
-50,9
EBITDA FY2015/16
Changes inWC
Investments FCF FY2015/16
18,4
-70,5
-11,0
-77,8
EBITDA FY2014/15
Changes inWC
Investments FCF FY2014/15
2014/15 2015/16 2016/17 2017/18
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314,9267,1 269,7
323,1
FY 14/15 FY 15/16 FY 16/17 FY 17/18
102,6
171,8
197,0181,9
FY 14/15 FY 15/16 FY 16/17 FY 17/18
BALANCE SHEET FIGURES
40 % 39 %
46 %
EQUITY NET DEBTin EUR mln in EUR mln
NET DEBT / EBITDA
negative
5,6
3,5
1,9
FY 14/15 FY 15/16 FY 16/17 FY 17/18
44 %
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372,9
-1,1
-2,85
376,8
Revenue pre IFRS15
Payments tocustomers
Change in conceptof revenuerecognition
Revenue post IFRS15
REVENUE H1 2018/19
IFRS 15 – REVENUE RECOGNITION
in mln EUR
-3.9
FACC has analyzed its contract types in order to comply with the new IFRS 15 accounting standard as of March 1, 2018
Under IFRS 15, revenue is recognized either at a point in time or over time as soon as the control over the goods or services has passed to the customer.
Provided that a significant financing component is determined in the case of long-term amortization via series deliveries, sales revenues are only recognized in the amount of the present value of the agreed payments.
As compounding effects are recognized as income in the financial result, the payments received are not fully allocated to sales revenues, as was previously the case.
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IFRS 15 - RECONCILIATION
Feb. 28, 2018 Adaptation IFRS 15 March 1, 2018
ASSETS
Intangible assets 147 660 -127 335 20 325
Property, plant and equipment 173 704 -48 457 125 246
Contract receivables 0 100 021 100 021
Contract costs 0 38 251 38 251
Deferred taxes 0 13 016 13 016
Non-current assets 351 185 -24 504 326 681
Inventories 130 562 40 395 170 957
Trade receiveables 86 061 0 85 816
Receivables from construction contracts 17 212 -17 212 0
Current assets 352 373 23 184 375 311
BALANCE SHEET TOTAL 703 558 -1 320 701 992
EQUITY AND LIABILITIES
Retained earnings 55 644 -42 786 12 612
Equity 323 094 -42 786 280 062
Deferred taxes 1 246 -1 246 0
Non-current liabilities 211 101 209 855
Advance payments received from customer related Engineering 7 907 42 711 50 619
Current liabilities 169 363 212 074
BALANCE SHEET TOTAL 703 558 -42 786 701 992
The adjustment effects on Group equity to the Consolidated Financial Statement of 28 February 2018 were modified as a result of further analyses.
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IFRS 15 - DEFINITIONSContract assets
Development services and customized tools, which represent contractual obligations on the part of the Group and
have already been partially recognized as revenue, are reported as contract assets. If development services or tool
developments are not paid immediately or in full but are charged to the customer as price premiums on series
components, actual sales revenues may depend on whether the planned quantity of series products has been
achieved. This constitutes a variable remuneration which is recognized as a contract asset on the basis of a prudent
estimate and is reassessed on a regular basis. Payments to customers are treated as advance discounts and are
reported under contract assets. They are recognized as a reduction in revenue according to the expected duration of
the program. When assessing the impairment of contract assets, the regulations on financial assets must be
observed.
Contract costs
In the absence of an enforceable contractual claim to remuneration for the provision of development services and the
development of tools pursuant to IFRS 15, the associated expenses shall be capitalized as contract costs. The
services rendered together with the subsequent series production constitute a single unit. In this case, the cost of
development and the price of tools are added to the price of the series components and recognized as sales revenue
once the serial parts have been delivered. The contract costs are spread over the duration of the program and
recognized as expenses.
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INVESTMENTS
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Investments in automation, capacity and logistics
i4.0 and automated processses as key elements ofFACC´s investment plan
Customers demand for higher automation and rate increases
Investments led to significant increase in capacity at the Engines/Nacelles (Plant 4) and Cabin Interiorsegment (Plant 2)
INVESTMENTS Preparing to fulfill future customer demands
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Phase One – Execution since 2017:
FACC - SUSTAINABLE GROWTHMulti year investment program
EUR 35 mlnTotal volume
6.400 square meters
Capacity extensions at Plant 1 (Aerostructures) and Plant 4 (Engine & Nacelles)
Doubling the floor space in Wichita (USA) foraftermarket services
Investments into new programs for furthergrowth
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Extension of plant 3 (Aerostructures): buildingand equipment
Further automation and I4.0 initatives
Investments into new programs
EUR 45 mlnTotal volume
Phase Two: Execution since 2018
2019Completion
FACC - SUSTAINABLE GROWTH
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FUNDING STRATEGY
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FUNDING STRATEGY
Reduce the number of financing instruments and bilateral contracts and hencereduce complexity and contractual compliance risk
Implement USD funding component to reduce translation risk in financialstatements
Stable Financial Backbone: Syndicated loan provides flexibility for furtherorganic and non-organic growth, a safety net and reduces complexity
Flatten FACC long term maturity profile (EUR 34 mln promissory note (2019) andEUR 90 mln bond (2020))
Improve investor perception by improvement of credit rating to raise equity anddebt capital market potentials
Medium term target leverage ratio: 2,0 - 2,5 (Net financial debt / EBITDA)
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FINANCIAL DEBT
NET INTEREST INCOME GROSS FINANCIAL DEBT
in mln. EUR
-13,1
-10,5-11,3
FY 14/15 FY 15/16 FY 16/17 FY 17/18
4,3%
4,6%
in mln. EUR
-228,1 -245,3 -245,4-213,5
FY 14/15 FY 15/16 FY 16/17 FY 17/18
5,8%
4,5%
-9,7
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Syndicated loan signed by seven European banks
Four different credit facilities with a long termcommitment: 5 years plus 2 year extension options
FINANCIAL DEBTSyndicated Loan (Total EUR 225,0 Mln.)
Volume Agreed Purpose
100 mill. Revolving credit facility (EUR or USD)
50 mill. M&A term loan (EUR or USD)
50 mill. OEKB framework loan „KRR“ for export receivables (EUR)
25 mill. OEKB loan „Exportinvest“ for export related investments (EUR)
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FINANCIAL DEBTBenefits of the new syndicated loan structure
Sustainable, long-term and confirmed funding contract
Stable basis for supporting FACC‘s organic and strategic growthopportunities
Improvement of external credit rating, maturity profile and equityinvestor perception
Improvement in documentary, collateral and covenant transparency
Stable basis for funding activities in 2019/2020 (bond + promissorynote refinancing)
Sustainable long-term involvement of strategic core banks
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0
25 000 000
50 000 000
75 000 000
100 000 000
125 000 000
150 000 000
FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22 FY 22/23 FY 23/24 FY 24/25 FY 25/26
FINANCIAL DEBTMaturity profile as of October 31, 2018 (annual redemptions in EUR)
EUR 175 mill. unusedliquidity from newsyndicated loan as safety netfor upcoming maturities
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FINANCIAL DEBTPossible instruments in the future
Capital increase
Special loans(European Investment
Bank)
Private Placement
PromissoryNotes
(Schuldschein)
ConvertibleBond
(Bond)
FACC strives for capital market (oriented) products
Adjustable to Syn Loan wording
Strong position because of sufficient synloan liquidity
Mix of instruments depending on futurebusiness strategy and opportunities
Straight bond is least attractive option at the moment (size, complex documentaryand regulatory environment)
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FX HEDGING STRATEGY
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FX HEDGING STRATEGYPolicy
Extensive use of natural hedging
Speculative positions are strictly forbidden
12 month rolling hedge period
80% target hedge ratio over hedge period
Up to 36 months maturities are permitted
Only simple FX products are permitted
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3,7
-13,4-9,7
Changes to P&L Changes to othercomprehensive
income/loss
Changes to equity
5 % Devaluation of EURO
FX HEDGING STRATEGYSensitivity Analysis based on an average of 1.1567 for fiscal year 2017/18
Sensitivity Analysis regarding a 5 percentage points fluctuation of the US Dollar and itsimpact on
Profit & Loss statement
Other comprehensive income/loss
Equity
-3,4
8,7
5,3
Changes to P&L Changes to othercomprehensive
income/loss
Changes to equity
5 % Appreciation of EURO
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This document contains forward-looking statements. Words such as ‘outlook’, 'believe', 'intend', 'anticipate', 'plan', 'expect', ‘objective’, ‘goal’, ‘estimate’, ‘may’, ‘will’ and similar expressions often identify these forward-looking statements.
Forward-looking statements are subject to future events, risks and uncertainties - currently known or unknown. Actual results, performance or events may therefore differ materially from those expressed or implied in these forward-looking statements.
Neither FACC nor any other person assumes responsibility for the accuracy or completeness of any forward-looking statements. FACC will not update these forward-looking statements in order to reflect changes to facts, assumptions or expectations.
This document or statements related to it do not constitute an offer, recommendation or invitation to purchase or sell securities of FACC.
DISCLAIMER
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INNOVATION IS OUR DESTINATION